The Life Cycle of Unsecured Loans and Credit Card Debt

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Unpaid credit cards and loans have a predictable path from early collection efforts, to passing the time allowed to be sued, and aging off your credit reports.
There are ways you can tackle collection debts to meet your goals and cash flow all along the way.
Understanding the life cycle of your debt will help you prepare for opportunities, and avoid traps.
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Michael Bovee started CRN in 2004 with a mission to provide people in need with detailed credit and debt help. The DebtBytes Channel is an extension of the CRN blog, and is dedicated to finding the debt relief option or strategy that works best for you.

Опубликовано:

12 сен 2024

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Комментарии : 29

@kennethhathaway4001 2 года назад

What if I have 95000 dollars in credit card debt 50.000 in solar panels 49000 in unsecured loan 50.000 in student loans I lost my buisness I have never miss a payment before I have no income at all I have 9000 in the bank and 3000 in savings what is your recommendation I’m at a loss

@MichaelBovee 2 года назад

I posted some questions in reply to your comment on the other video. You can also schedule a phone call with me here calendly.com/debtbytes/15min I can review your debts and potential paths to deal with all of this on that call.

@aliceshepherd6237 3 года назад

Hi Michael, do you know how WF handles line of credit? We called and tried to settle and they said they do not have a settlement dept for this. I guess it will go to recovery next .. but I don’t know. It is $18,000 and I am unemployed because of covid. I could pay 40-50% but they aren’t even letting me make an offer. I’m worried about being sued because I have property with my family and don’t want to get sued to sell property I don’t own outright. I appreciate your time and knowledge!!

@MichaelBovee 3 года назад

I do. How late are you with payments on the line of credit with Wells Fargo? Just so you know, Wells Fargo lies more than any bank I have ever known, so... yeah... have to be ready for that, and their aggressive collection practices.

@aliceshepherd6237 3 года назад

@@MichaelBovee thanks so much for the quick response! 184 days late... they say they are charging off at end of month. Also have a credit card that they only offered 60 %. Also charging off at end of month. ( owe about $40,000 total if balance matters.)

@MichaelBovee 3 года назад

You will want to let that account they are saying will never settle go to the recovery department and work it that way. Wells Fargo settlements tend to be between 35 and 65 percent. There are reasons people get stuck at the higher end of that, and if you meet that criteria, you have to be ready settle at higher amounts. If you want to talk through strategy a bit, or get help from a pro, you can schedule a call with me here: consumerrecoverynetwork.com/free-debt-consultation/

@aliceshepherd6237 3 года назад

@@MichaelBovee I tried to fill out the questionnaire and submit to schedule a call, but it's not letting me submit, just refreshes to a blank questionnaire. I think it's the captcha not loading right.. is there another way to submit my answers and schedule a call? Or I may have submitted 3 times ... lol

@MichaelBovee 3 года назад

Sorry that happened. You can go right to the scheduler here: calendly.com/debtbytes/15min There is a text box you can use to enter details we will cover on the call.

@anthonydorazio3557 4 года назад

Great video! How do you identify the difference between a debt buyer and contingency collector?

@MichaelBovee 4 года назад

One way is to look at your credit reports to see which creditors you know you did not pay back, but that are showing a charge off with a zero balance owed to them now. That is a clear sign they sold the debt. You can also look for known debt buyer names on your credit reports. I know most, so you can post them in the comments for feedback. You can also call creditors and ask if they sold your account, and who to.

@MM-qg9fq 3 года назад

I resolved my debt by being a dual citizen, adios America. Cashed 100% out.

@drewhubbard8910 3 года назад

Micheal, Is it true that BofA will not settle credit card accounts with business cards? If so, do you know of any other effective strategies?

@MichaelBovee 3 года назад

Bank of America settles business credit cards. The process can be a bit different. There are a few banks like that. You can schedule a call with me to talk strategy here: consumerrecoverynetwork.com/free-debt-consultation/

@rendiewmit86 4 года назад

Great video!! What is the statute of limitations for Ohio? I read 6 years for any kind of debt. I also read that credit cards is 6 years and a car repo is more. Also, will student loan companies like Granite State Management settle for less? The story on that is my wife co-signed for our sons student loan. Our son passed away in 2018. Will they settle for less than the amount owed?

@MichaelBovee 4 года назад

6 years in Ohio for credit cards. The car repo could be 8 years in Ohio, if it went late after August 2012. If before then, the SOL could be near twice that. Is the student loan federal or private?

@rendiewmit86 4 года назад

@@MichaelBovee date of last payment on repo was 1/2016

@anthonydorazio3557 4 года назад

Hi there Michael! What type of company is CBCS/REVCO and do you know if they sue? What percentage is good to target settlement with CBCS/REVCO for a $54K debt? As of July they are calling themselves REVCO Solutions. Thanks so much for all you do!

@MichaelBovee 4 года назад

This is a contingency collection agency. What type of debt is this? Who are they collecting for?

@anthonydorazio3557 4 года назад

Thanks Michael. It’s a unsecured personal loan and credit card originally with USAA

@MichaelBovee 4 года назад

I tend to see these settle between 40 and 50 percent. We often get 12 payments to go along with that. USAA does not sue all that much right now, but that could change, so best to knock it down if that is your goal and you have the resources.

@anthonydorazio3557 4 года назад

Thanks Michael! I’m a huge fan of yours.

@anthonydorazio3557 4 года назад

If a person has $100K+ in unsecured debt. They are at the 4 year point and beyond the states statute of limitations. Is there any benefit to settling this debt after the statute of limitations? Or just wait until it becomes zombie debt and do nothing?

@MichaelBovee 4 года назад

If it were me, and I did not have any major credit goal I wanted to accomplish in the next 3 years (while waiting for the accounts to age off my credit), I would sit tight. I would have to have bounced back financially, and significantly, to try to tackle this much debt in that time.

@anthonydorazio3557 4 года назад

Michael Bovee Thanks Michael. You’re the best! I appreciate what you do and your excellent videos.